Pier 1 Imports Closing 450 Stores Across North America
Another retailer is falling victim to the big, bad world of online shopping. Pier 1 Imports has announced that they will be closing about 450 stores around the U.S., which accounts for half of their current stores.
Their latest financial report shows that sales have continued to decrease and therefore the company made the decision to close several stores "...to better align its business with the current operating environment." In addition, Pier 1 will close certain distribution centers and reduce its corporate expenses which include letting people at the corporate level go.
In the press release, Pier 1's CEO says the closures are a "necessary business decision." In the last year, sales dropped 11.4%. Whether the company plans on filing for bankruptcy or not is unknown.
The affected stores haven't been announced yet but Pier 1 currently operates 942 stores in the U.S. & Canada. Closures are expected to begin in the next few months. There are 5 West Michigan locations: Wyoming, Comstock Park, Holland, Muskegon, and Kalamazoo.
The Chicago Tribune says the company has been attempting to appeal to a younger crowd but has struggled to other more-affordable home stores.